A Melbourne agency receives a sales deposit by cheque on a Tuesday. Its bank, an authorised financial institution, is 2 km away. By when must the money be paid into the trust account?
Correct Answer
C) Before the end of Wednesday, the next business day
Consumer Affairs Victoria's trust account guide says trust money must be paid into a trust account before the end of the next business day after it is received, or before the end of the third business day if the agency is more than 16 kilometres from an authorised financial institution. The agency here is close to its bank, so Wednesday is the deadline.
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